TTT vs. BYLD
TTT (UltraPro Short 20+ Year Treasury) and BYLD (iShares Yield Optimized Bond ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while BYLD is a Intermediate Core-Plus Bond fund tracking the Morningstar U.S. Bond Market Yield-Optimized Index. Both are passively managed. Over the past 10 years, TTT returned -0.85%/yr vs 2.97%/yr for BYLD. At a correlation of -0.56, they often move in opposite directions. TTT charges 0.95%/yr vs 0.17%/yr for BYLD.
Performance
TTT vs. BYLD - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.59% return, which is significantly lower than BYLD's 1.50% return. Over the past 10 years, TTT has underperformed BYLD with an annualized return of -0.85%, while BYLD has yielded a comparatively higher 2.97% annualized return.
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
BYLD
- 1D
- 0.04%
- 1M
- 0.88%
- YTD
- 1.50%
- 6M
- 1.48%
- 1Y
- 6.22%
- 3Y*
- 6.54%
- 5Y*
- 2.21%
- 10Y*
- 2.97%
TTT vs. BYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
BYLD iShares Yield Optimized Bond ETF | 1.50% | 8.41% | 4.17% | 8.30% | -10.33% | -1.25% | 4.25% | 12.79% | -1.50% | 4.75% |
Correlation
The correlation between TTT and BYLD is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2014 | -0.56 |
The correlation between TTT and BYLD shifts across timeframes, from -0.81 (3 years) to -0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. BYLD — Risk / Return Rank
TTT
BYLD
TTT vs. BYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and iShares Yield Optimized Bond ETF (BYLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TTT | BYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.77 | ||
| Sortino ratioReturn per unit of downside risk | -2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.31 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 2.30 | -2.48 |
| Martin ratioReturn relative to average drawdown | -0.34 | 9.29 | -9.63 |
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Drawdowns
TTT vs. BYLD - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than BYLD's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for TTT and BYLD.
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Drawdown Indicators
| TTT | BYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -14.75% | -79.25% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -2.71% | -19.47% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -3.94% | -45.75% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -14.65% | -35.04% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -14.75% | -67.01% |
Current DrawdownCurrent decline from peak | -78.91% | -0.13% | -78.78% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -2.50% | -67.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 0.67% | +11.22% |
Volatility
TTT vs. BYLD - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 6.36% compared to iShares Yield Optimized Bond ETF (BYLD) at 1.13%. This indicates that TTT's price experiences larger fluctuations and is considered to be riskier than BYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | BYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 1.13% | +5.23% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 3.06% | +16.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 3.85% | +24.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 5.21% | +41.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 5.43% | +37.89% |
TTT vs. BYLD - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than BYLD's 0.17% expense ratio.
Dividends
TTT vs. BYLD - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.61%, more than BYLD's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BYLD iShares Yield Optimized Bond ETF | 5.35% | 5.32% | 5.31% | 4.45% | 3.39% | 2.18% | 3.41% | 3.67% | 4.22% | 3.22% | 3.14% | 3.37% |
TTT UltraPro Short 20+ Year Treasury | 9.61% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TTT and BYLD have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (6.36%) compared to BYLD (1.13%). In terms of maximum drawdown, TTT dropped -94.00% vs BYLD's -14.75%.
On 10-year performance, BYLD leads with 2.97% vs -0.85% for TTT. On fees, BYLD is cheaper at 0.17% per year. On volatility, BYLD has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BYLD has performed better with a 2.97% return vs -0.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BYLD is cheaper with a 0.17% expense ratio, compared with 0.95% for TTT.
TTT has the higher dividend yield at 9.61%, compared with 5.35% for BYLD.
TTT is categorized as Leveraged Bonds, while BYLD is Intermediate Core-Plus Bond. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while BYLD tracks Morningstar U.S. Bond Market Yield-Optimized Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TTT and 0.17% for BYLD.
BYLD currently has the higher Sharpe Ratio (1.62 vs -0.14), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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